The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
950 jobs Number of planned job losses
Announcement Date
9 June 2004
Employment effect (start)
Foreseen end date
31 December 2005
Description
Aviva, which operates as Norwich Union in the UK, said 700 staff and a further 250 contract workers would lose their jobs as it restructures its life business services division. Norwich Union and Aviva employ 33,000 staff in the UK. The life business services division employs 1,400 staff and 350 contractors, these numbers will shrink to about 700 and 100 after the restructuring. The job losses will be spread throughout the UK: 250 in Norwich; 150 in York; 150 in Bristol; 100 in Stevenage; and 50 in Croydon. The latest jobs cuts affect the business services operation, which manages IT, facilities and project management for the rest of the group. The restructuring is partly driven by the need to cope with the demands of new pension legislation and regulatory changes. These cuts follow 2,350 at the company that were outsourced to India.
Sources
9 June 2004: The Financial Times
9 June 2004: The Guardian
Citation
Eurofound (2004), Norwich Union, Internal restructuring in United Kingdom, factsheet number 60379, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60379.
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